I would like to update my short-term view for BTC (see link below).
I must admit that the latest move was out of my expection and didn't go well. Indeed, the hypothesis based on ascending channel was not valid after the fake news on BTC ETH on 15th Octobre.
Nevertheless, I'm still thinking that BTC would revisit the long-term trendline at around $23500. This relies always on my wyckoff distribution scenario, as mentionned in my previous analysis (see link below).
In short, here are my thought for what may come:
Trades of these days are very risky due to manipulation and fake news, so take care of your porfolio.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
I must admit that the latest move was out of my expection and didn't go well. Indeed, the hypothesis based on ascending channel was not valid after the fake news on BTC ETH on 15th Octobre.
Nevertheless, I'm still thinking that BTC would revisit the long-term trendline at around $23500. This relies always on my wyckoff distribution scenario, as mentionned in my previous analysis (see link below).
In short, here are my thought for what may come:
- If BTC closes below the BC-resistance level ($28200) then BTC will resume it downside moves
- If BTC closes above the UT-resistance level ($28600), then BTC would go higher to complete UTAD Test, be rejected by $29000-$30000 level and finally fall to the expected target ($23500)
Trades of these days are very risky due to manipulation and fake news, so take care of your porfolio.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Note
Update: BTC is closing the daily candle above $28600, very likely. Next target will be $29800. If it closes its weekly candle above the wickless weekly trendline, bulls have more chance to conquer $30K and 
31K resistance.Note
BTC has made a good raise today and is consolidating right below the wickless weekly trendline ($29800) as analyzed yesterday. If the weekly close is above this trendline, then bulls would have a good support. If not, consolidation between $28600 and $30000 would last for some weeks.Note
BTC continues to show its strength. I'm watching $30K-$32K resistance
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.